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Measures for the Administration of the Offering and Underwriting of Securities (2017 Revision) [Revised]
证券发行与承销管理办法(2017修正) [已被修订]
【法宝引证码】

Measures for the Administration of the Offering and Underwriting of Securities

 

证券发行与承销管理办法

(Deliberated and adopted at the 11th chairman's executive meeting of the China Securities Regulatory Commission on October 8, 2013, amended according to the Decision of the China Securities Regulatory Commission on Amending the Measures for the Administration of the Offering and Underwriting of Securities on March 21, 2014, amended according to the Decision of the China Securities Regulatory Commission on Amending the Measures for the Administration of the Offering and Underwriting of Securities on December 30, 2015 and amended according to the Decision of the China Securities Regulatory Commission on Amending the Measures for the Administration of the Offering and Underwriting of Securities on September 7, 2017) (2013年10月8日中国证券监督管理委员会第11次主席办公会议审议通过 根据2014年3月21日、2015年12月30日、 2017年9月7日中国证券监督管理委员会《关于修改<证券发行与承销管理办法>的决定》修正)

Chapter I General Provisions 

第一章 总 则

Article 1 To regulate the offering and underwriting of securities and protect the lawful rights and interests of investors, these Measures are developed in accordance with the Securities Law and the Company Law.   第一条 为规范证券发行与承销行为,保护投资者合法权益,根据《证券法》和《公司法》,制定本办法。
Article 2 These Measures shall apply to the offering of stocks or convertible bonds (hereinafter collectively referred to as “securities”) within China by issuers, the underwriting of securities within China by securities companies, and the subscription for securities offered within China by investors.   第二条 发行人在境内发行股票或者可转换公司债券(以下统称证券)、证券公司在境内承销证券以及投资者认购境内发行的证券,适用本办法。
Where the initial public offering (“IPO”) of the stock of a company includes the public offering of shares held by any shareholder of the company (hereinafter referred to as the “transfer of pre-IPO shares”), the relevant provisions of the China Securities Regulatory Commission (“CSRC”) shall be complied with. 首次公开发行股票时公司股东公开发售其所持股份(以下简称老股转让)的,还应当符合中国证券监督管理委员会(以下简称中国证监会)的相关规定。
Article 3 The CSRC shall supervise and administer the offering and underwriting of securities according to the law. Stock exchanges, securities depository and clearing institutions, and the Securities Association of China (“SAC”) shall develop the relevant business rules to regulate the offering and underwriting of securities. Securities companies underwriting securities shall, according to these Measures and the relevant provisions issued by the CSRC on risk control and internal control, develop strict risk management rules and internal control rules, strengthen the management of the pricing and placing processes, and fulfill the underwriter's responsibilities.   第三条 中国证监会依法对证券发行与承销行为进行监督管理。证券交易所、证券登记结算机构和中国证券业协会应当制定相关业务规则(以下简称相关规则),规范证券发行与承销行为。证券公司承销证券,应当依据本办法以及中国证监会有关风险控制和内部控制等相关规定,制定严格的风险管理制度和内部控制制度,加强定价和配售过程管理,落实承销责任。
Securities service institutions and personnel issuing the relevant documents for the offering of securities shall, according to the service standards and professional ethics generally recognized in the industry, strictly fulfill their statutory duties and be responsible for the veracity, accuracy, and integrity of the documents issued. 为证券发行出具相关文件的证券服务机构和人员,应当按照本行业公认的业务标准和道德规范,严格履行法定职责,对其所出具文件的真实性、准确性和完整性承担责任。
Chapter II Pricing and Placement 

第二章 定价与配售

Article 4 The issue price of the stock in an IPO may be determined by book building under the placing tranche or in any other legal and feasible manner such as direct pricing through independent negotiation between the issuer and the lead underwriter. If the number of IPO shares is not more than 20 million shares and there is no plan on the transfer of pre-IPO shares, the issue price shall be determined in the manner of direct pricing. The issuer and the lead underwriter shall disclose the manner of determining the issue price in the preliminary prospectus (or prospectus, here and below) and the issue announcement. The pricing of securities offered by a listed company shall comply with the relevant provisions issued by the CSRC on the offering of securities by listed companies.   第四条 首次公开发行股票,可以通过向网下投资者询价的方式确定股票发行价格,也可以通过发行人与主承销商自主协商直接定价等其他合法可行的方式确定发行价格。公开发行股票数量在2000万股(含)以下且无老股转让计划的,应当通过直接定价的方式确定发行价格。发行人和主承销商应当在招股意向书(或招股说明书,下同)和发行公告中披露本次发行股票的定价方式。上市公司发行证券的定价,应当符合中国证监会关于上市公司证券发行的有关规定。
Article 5 In an IPO of stock, investors under the placing tranche must have abundant investment experience and good pricing abilities, and shall accept the self-regulation by and comply with the self-regulatory rules of the Securities Association of China.   第五条 首次公开发行股票,网下投资者须具备丰富的投资经验和良好的定价能力,应当接受中国证券业协会的自律管理,遵守中国证券业协会的自律规则。
When investors under the placing tranche participate in the bidding process, they shall hold certain amounts of shares without any trading restriction. The issuer and the lead underwriter may set specific conditions for investors under the placing tranche according to the self-regulatory rules, and make pre-disclosure of such conditions in the issue announcement. The lead underwriter shall check whether investors under the placing tranche satisfy the pre-disclosed conditions, and refuse or exclude bids from unqualified ones. 网下投资者参与报价时,应当持有一定金额的非限售股份。发行人和主承销商可以根据自律规则,设置网下投资者的具体条件,并在发行公告中预先披露。主承销商应当对网下投资者是否符合预先披露的条件进行核查,对不符合条件的投资者,应当拒绝或剔除其报价。
Article 6 Where the pricing manner of book building is adopted in an IPO of stock, the qualified institutional and individual investors under the placing tranche may independently decide whether to submit bids, and the lead underwriter may not refuse such bids without good reasons. Investors under the placing tranche shall submit reasonable bids under the principles of independence, objectiveness, and honesty, and may not negotiate bids or deliberately depress or drive up prices.   第六条 首次公开发行股票采用询价方式定价的,符合条件的网下机构和个人投资者可以自主决定是否报价,主承销商无正当理由不得拒绝。网下投资者应当遵循独立、客观、诚信的原则合理报价,不得协商报价或者故意压低、抬高价格。
The bids from investors under the placing tranche shall contain the price per share and the corresponding number of shares subscribed for, and each investor may submit one bid only. Bids from non-individual investors shall be submitted by institutions. After the issue price (or price range) of the stock in an IPO is determined, only investors that have submitted valid bids may participate in the subscription. 网下投资者报价应当包含每股价格和该价格对应的拟申购股数,且只能有一个报价。非个人投资者应当以机构为单位进行报价。首次公开发行股票价格(或发行价格区间)确定后,提供有效报价的投资者方可参与申购。
Article 7 Where the manner of book building is adopted in an IPO of stock, after investors under the placing tranche have submitted bids, the issuer and the lead underwriter shall exclude the portion with the highest bids from the total number of shares to be subscribed for, not less than 10% of the total number of shares to be subscribed for by all the investors under the placing tranche, and determine the issue price on the basis of the remaining bids and the number of shares to be subscribed for. The excluded portion may not participate in the subscription under the placing tranche.   第七条 首次公开发行股票采用询价方式的,网下投资者报价后,发行人和主承销商应当剔除拟申购总量中报价最高的部分,剔除部分不得低于所有网下投资者拟申购总量的10%,然后根据剩余报价及拟申购数量协商确定发行价格。剔除部分不得参与网下申购。
If the number of publicly offered shares is 400 million or less, the number of investors with valid bids shall not be less than 10; or if the number of publicly offered shares is more than 400 million, the number of investors with valid bids shall not be less than 20. If the number of investors with valid bids is not sufficient after the portion with the highest bids is excluded, the stock issue shall be suspended. 公开发行股票数量在4亿股(含)以下的,有效报价投资者的数量不少于10家;公开发行股票数量在4亿股以上的,有效报价投资者的数量不少于20家。剔除最高报价部分后有效报价投资者数量不足的,应当中止发行。
Article 8 In an IPO of stock, the issuer and the lead underwriter may independently determine, through consultation, the conditions for investors participating in the book building under the placing tranche, the conditions for valid bids, and the placing criteria and modes, and select placees from among investors under the placing tranche that have submitted valid subscriptions under the predetermined placing criteria.   第八条 首次公开发行股票时,发行人和主承销商可以自主协商确定参与网下询价投资者的条件、有效报价条件、配售原则和配售方式,并按照事先确定的配售原则在有效申购的网下投资者中选择配售股票的对象。
Article 9 Where the manner of direct pricing is adopted in an IPO of stock, all the stock shall be offered to investors under the public subscription tranche, without book building and placement under the placing tranche.   第九条 首次公开发行股票采用直接定价方式的,全部向网上投资者发行,不进行网下询价和配售。
Where the manner of book building is adopted in an IPO of stock, if the total number of shares is 400 million or less after the public offering, the initial size of the placing tranche shall account for not less than 60% of shares in the public offering; or if the total number of shares after the public offering exceeds 400 million, the initial size of the placing tranche shall account for not less than 70% of shares in the public offering. In particular, not less than 40% of shares offered under the placing tranche shall be first placed with securities investment funds established by public offering (hereinafter referred to as “publicly offered funds”), the National Social Security Fund (hereinafter referred to as “social security fund”) and basic pension insurance funds (hereinafter referred to as “pensions”), and a certain percentage of the stock shall be placed with enterprise annuity funds established in accordance with the Measures for the Administration of Enterprise Annuity Funds and insurance funds that satisfy the requirements of the Interim Measures for the Administration of the Application of Insurance Funds and other relevant provisions (hereinafter referred to as the “insurance funds”). If the amount of valid subscriptions from the publicly offered funds, social security fund, pensions, enterprise annuity funds, and insurance funds is less than the number of shares allocated, the issuer and the lead underwriter may place the remaining shares with other qualified investors under the placing tranche. 首次公开发行股票采用询价方式的,公开发行股票后总股本4亿股(含)以下的,网下初始发行比例不低于本次公开发行股票数量的60%;发行后总股本超过4亿股的,网下初始发行比例不低于本次公开发行股票数量的70%。其中,应当安排不低于本次网下发行股票数量的40%优先向通过公开募集方式设立的证券投资基金(以下简称公募基金)、全国社会保障基金(以下简称社保基金)和基本养老保险基金(以下简称养老金)配售,安排一定比例的股票向根据《企业年金基金管理办法》设立的企业年金基金和符合《保险资金运用管理暂行办法》等相关规定的保险资金(以下简称保险资金)配售。公募基金、社保基金、养老金、企业年金基金和保险资金有效申购不足安排数量的,发行人和主承销商可以向其他符合条件的网下投资者配售剩余部分。
In the placement of shares with investors under the placing tranche in different categories, the ratio of shares placed with investors in the same category shall be the same. The ratio of shares placed with publicly offered fund, social security funds, pensions, enterprise annuity funds, and insurance funds shall not be less than that with other investors. 对网下投资者进行分类配售的,同类投资者获得配售的比例应当相同。公募基金、社保基金、养老金、企业年金基金和保险资金的配售比例应当不低于其他投资者。
Where shares are placed with strategic investors, the issue sizes of the public subscription tranche and the placing tranche shall be determined after deduction of the portion placed with strategic investors. 安排向战略投资者配售股票的,应当扣除向战略投资者配售部分后确定网下网上发行比例。
Investors under the placing tranche may independently agree with the issuer and the lead underwriter on the holding period of shares placed with them under the placing tranche, but shall disclose it to the public. 网下投资者可与发行人和主承销商自主约定网下配售股票的持有期限并公开披露。
Article 10 If the number of IPO shares subscribed for by investors under the placing tranche is less than the initial size of the placing tranche, the issuer and the lead underwriter may not claw back the portion offered under the placing tranche to the public subscription tranche, but shall suspend the offering.   第十条 首次公开发行股票网下投资者申购数量低于网下初始发行量的,发行人和主承销商不得将网下发行部分向网上回拨,应当中止发行。
If the valid subscriptions made by investors under the public subscription tranche are more than 50 times but not more than 100 times the initial size of the public subscription tranche, 20% of the shares in the public offering shall be clawed back from the placing tranche to the public subscription tranche; if the valid subscriptions made by investors under the public subscription tranche are more than 100 times the initial size of the public subscription tranche, 40% of the shares in the public offering shall be clawed back; or if the valid subscriptions made by investors under the public subscription tranche are more than 150 times the initial size of the public subscription tranche, the shares offered under the placing tranche shall not exceed 10% of the shares in the public offering after claw-back. The shares in the public offering as mentioned herein shall exclude shares with a lock-up period of 12 months or more. 网上投资者有效申购倍数超过50倍、低于100倍(含)的,应当从网下向网上回拨,回拨比例为本次公开发行股票数量的 20%;网上投资者有效申购倍数超过100倍的,回拨比例为本次公开发行股票数量的40%;网上投资者有效申购倍数超过150倍的,回拨后网下发行比例不超过本次公开发行股票数量的10%。本款所指公开发行股票数量应按照扣除设定12个月及以上限售期的股票数量计算。
If the number of shares subscribed for by investors under the public subscription tranche are less than the initial size of the public subscription tranche, shares may be clawed back to investors under the placing tranche. 网上投资者申购数量不足网上初始发行量的,可回拨给网下投资者。
Article 11 Only investors holding a certain number of tradable shares may participate in the public subscription tranche of IPO shares. Investors under the public subscription tranche shall independently express their intentions to subscribe for shares, and shall not authorize securities companies without restrictions to subscribe for new shares on behalf of them. Where subscription and allotment are otherwise conducted under the public subscription tranche, the relevant provisions issued by the CSRC shall be complied with.   第十一条 首次公开发行股票,持有一定数量非限售股份的投资者才能参与网上申购。网上投资者应当自主表达申购意向,不得全权委托证券公司进行新股申购。采用其他方式进行网上申购和配售的,应当符合中国证监会的有关规定。
Article 12 IPO shares shall be offered simultaneously under the public subscription tranche and the placing tranche, and neither investors under the placing tranche nor investors under the public subscription tranche need to pay subscription capital at the time of subscription. Investors shall independently choose to subscribe for shares under the public subscription tranche or the placing tranche, and may not subscribe for shares under both tranches.   第十二条 首次公开发行股票的网下发行应和网上发行同时进行,网下和网上投资者在申购时无需缴付申购资金。投资者应当自行选择参与网下或网上发行,不得同时参与。
Where any shareholder of the issuer intends to transfer pre-IPO shares, the issuer and the lead underwriter shall, before the commencement of subscription under the public subscription tranche and the placing tranche, determine through consultation the issue price, issue size, and the number of pre-IPO shares to be transferred. If the manner of book building is adopted and there is no plan on the transfer of pre-IPO shares, the issuer and the lead underwriter may determine the issue price or price range by book building under the placing tranche. If only an issue price range is announced and the issue price is not determined at the time of subscription by investors under the public subscription tranche, the lead underwriter shall arrange for investors to subscribe for shares at the upper limit of the price range. 发行人股东拟进行老股转让的,发行人和主承销商应于网下网上申购前协商确定发行价格、发行数量和老股转让数量。采用询价方式且无老股转让计划的,发行人和主承销商可以通过网下询价确定发行价格或发行价格区间。网上投资者申购时仅公告发行价格区间、未确定发行价格的,主承销商应当安排投资者按价格区间上限申购。
Article 13 After shares or bonds are allotted to investors under the placing tranche and investors under the public subscription tranche for new shares, convertible corporate bonds, or exchangeable corporate bonds, investors shall pay subscription capital in full amount on time. An investor under the public subscription tranche that fails, after winning a lucky draw, to pay subscription capital in full amount three times cumulatively during 12 consecutive months may not subscribe for new shares, convertible corporate bonds, or exchangeable corporate bonds within six months.   第十三条 网下和网上投资者申购新股、可转换公司债券、可交换公司债券获得配售后,应当按时足额缴付认购资金。网上投资者连续12个月内累计出现3次中签后未足额缴款的情形时, 6个月内不得参与新股、可转换公司债券、可交换公司债券申购。
A public offering may be suspended, if the total number of new shares or convertible corporate bonds for which investors under the placing tranche and investors under the public subscription tranche have paid subscription capital accounts for less than 70% of the shares or bonds offered. 网下和网上投资者缴款认购的新股或可转换公司债券数量合计不足本次公开发行数量的70%时,可以中止发行。
In addition to suspending an offering as prescribed in these Measures, the issuer and the lead underwriter may agree on any other specific circumstances for suspending an offering but shall disclose them in advance. After an offering is suspended, the offering may be resumed upon recordation with the CSRC during the term of validity of the approval document. 除本办法规定的中止发行情形外,发行人和主承销商还可以约定中止发行的其他具体情形并事先披露。中止发行后,在核准文件有效期内,经向中国证监会备案,可重新启动发行。
Article 14 Where more than 400 million shares are offered in an IPO, shares may be placed with strategic investors. The issuer shall enter into placement agreements with strategic investors in advance.
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   第十四条 首次公开发行股票数量在4亿股以上的,可以向战略投资者配售股票。发行人应当与战略投资者事先签署配售协议。
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